Closing Bell: ASX stumbles, but Brainchip has mysteriously gained 68pc in five days

ASX 200 drops as Santa rally fades, but energy, gold and Brainchip shine.

ASX stumbles today. Picture via Getty Images

• ASX 200 drops as Santa rally fades

• Energy and gold stocks rise

• Brainchip surges another 15pc

The ASX 200 had a rough start to the shortened week, sliding 0.36% (as of 4pm) and reversing the much-hyped "Santa rally" that was supposed to cap off the year in style. 

But despite the setback, the ASX is still on track for a decent 2024, up 9% so far – its biggest yearly gain since 2021.

On Friday, the US S&P 500 tumbled by 1%, and the sense of caution has rippled across the globe with Asian stocks also declining today.

Bitcoin took a tumble, slipping back to around $93,560 at this time of writing. 

Back home, Monday saw a number of major ASX companies go ex-dividend, which partly led to the broad pullback we're seeing:

Source: Market Index

Source: Market Index

Gold and energy sectors, however, saw some bright spots. Karoon Energy (ASX:KAR) climbed 3%, driven by a rise in crude oil prices.

Chip stock BrainChip Holdings (ASX:BRN) has spiked another 15%, bringing its five-day gains to around 68%, despite no clear news driving the rally.

The ASX asked if BRN knew anything that could explain the recent trading spike. BRN replied with a firm "no" both times when asked if there was anything it hadn’t announced.

And finally, while all eyes are on Wall Street’s volatility, markets are also bracing for what 2025 might bring. 

Torsten Slok, the top economist at Apollo Global Management, reckons the US economy will remain resilient.

“The US economy remains strong with no signs of major slowing going into 2025,” Slok noted. 

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Security	Description	Last	%	Volume	MktCap
NTM	NT Minerals Limited	0.004	100%	1,937,988	$2,421,806
MTL	Mantle Minerals Ltd	0.002	50%	1,000,000	$6,197,446
MXR	Maximus Resources	0.060	33%	7,261,738	$19,256,746
BCB	Bowen Coal Limited	0.009	29%	83,597,247	$75,425,228
GCM	Green Critical Min	0.014	27%	79,457,780	$20,983,086
ADD	Adavale Resource Ltd	0.003	25%	45,041,138	$3,081,664
AOK	Australian Oil.	0.003	25%	168,629	$2,003,566
BNL	Blue Star Helium Ltd	0.005	25%	362,802	$10,779,541
CDT	Castle Minerals	0.003	25%	4,654,566	$3,345,628
MOH	Moho Resources	0.005	25%	2	$2,865,898
TEM	Tempest Minerals	0.005	25%	200,000	$2,538,119
VML	Vital Metals Limited	0.003	25%	327,999	$11,790,134
PIQ	Proteomics Int Lab	0.740	22%	926,877	$79,256,644
SCP	Scalare Partners	0.180	20%	8,662	$5,232,420
EVR	Ev Resources Ltd	0.003	20%	168,015	$4,531,258
RFT	Rectifier Technolog	0.012	20%	2,065,906	$13,819,839
AHF	Aust Dairy Limited	0.080	19%	9,551,205	$49,802,562
PUA	Peak Minerals Ltd	0.010	19%	6,633,723	$20,416,882
5EA	5Eadvanced	0.089	19%	1,533,926	$25,269,083
EPX	Ept Global Limited	0.021	17%	183,797	$11,811,744
BUY	Bounty Oil & Gas NL	0.004	17%	186,257	$4,495,503

Proteomics International Laboratories (ASX:PIQ) said it has developed a blood test, PromarkerEndo, which can now diagnose all stages of endometriosis with high accuracy. Unlike the current method, which involves invasive surgery, this non-invasive test uses a panel of 10 protein biomarkers to identify the condition early – often before it causes severe damage. Endometriosis affects 1 in 9 women, and the PromarkerEndo is expected to launch in Q2 2025.

Australian Oil Company (ASX:AOK) has received $300k from Blue Sky Resources as part of the Tranche 3 payment under the revised settlement deal. The next payment of $1.2 million is due by 27 January, and will attract 9% interest on the deferred portion of the Tranche 3 payment. AOK also said it’s on track to connect its pipeline from Pacific Gas and Electric to its Rec Board wells in January, with plans to boost production. AOK is also exploring new gas assets in Australia and South-East Asia.

Austral Gold (ASX:AGD)’s subsidiary, Casposo, has signed a Toll Processing Agreement with Challenger Gold (ASX:CEL), following a deal announced earlier in December. Under the agreement, Casposo will process Challenger’s gold at its plant in Argentina, starting in the second half of 2025. The deal includes a US$3 million upfront payment, plus a monthly fee of US$110k and extra bonuses tied to gold recovery. To get the plant ready, Casposo has secured a US$7 million loan for refurbishments.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

Code	Name	Price	% Change	Volume	Market Cap
MKL	Mighty Kingdom Ltd	0.011	-42%	3,378,644	$4,105,205
X2M	X2M Connect Limited	0.020	-38%	416,518	$12,062,102
MOM	Moab Minerals Ltd	0.002	-33%	3,999	$4,700,998
M4M	Macro Metals Limited	0.011	-27%	56,783,673	$56,009,157
ERL	Empire Resources	0.003	-25%	552,454	$5,935,653
M2R	Miramar	0.003	-25%	250,034	$1,587,293
BLZ	Blaze Minerals Ltd	0.004	-20%	4,345	$7,834,739
FIN	FIN Resources Ltd	0.004	-20%	2,040	$3,246,344
TAS	Tasman Resources Ltd	0.004	-20%	10,000	$4,026,248
AUK	Aumake Limited	0.005	-17%	2,063	$18,064,153
C7A	Clara Resources	0.005	-17%	11,512	$1,688,987
ERA	Energy Resources	0.003	-17%	5,634,908	$1,216,188,722
RMI	Resource Mining Corp	0.005	-17%	1,410,791	$3,914,087
EMN	Euromanganese	0.026	-16%	809,021	$6,535,823
CCO	The Calmer Co Int	0.006	-14%	5,201,308	$17,785,969
ODE	Odessa Minerals Ltd	0.006	-14%	4,777	$11,196,728
SLZ	Sultan Resources Ltd	0.006	-14%	508,775	$1,620,289
CAQ	CAQ Holdings Ltd	0.007	-13%	30,000	$5,742,290
DOU	Douugh Limited	0.007	-13%	917,220	$9,458,047
FFF	Forbidden Foods	0.007	-13%	234,652	$4,577,788
MQR	Marquee Resource Ltd	0.014	-13%	730,536	$6,662,150
MRR	Minrex Resources Ltd	0.007	-13%	2,000	$8,678,940

IN CASE YOU MISSED IT

Clinical-stage biotech companyDimerix (ASX:DXB) has completed recruitment for part 2 of its ACTION3 global phase III trial. The trial is investigating the company's lead drug, DMX-200, as a potential treatment for focal segmental glomerulosclerosis (FSGS).

Astral Resources (ASX:AAR)has acquired a 19.99% stake and proposed a non-binding 7c per share all-scrip takeover of its Kambalda gold field neighbour,Maximus Resources (ASX:MXR). If successful, the merger would create a company with a ~1.8Moz resource in WA’s Eastern Goldfields.

Challenger Gold (ASX:CEL) has finalised a previously announced binding MoU with Casposo, a subsidiary of Austral Gold, for a toll treatment agreement to process mineralised material from CEL’s Hualilan project at the Casposo Plant in San Juan, Argentina. Operations are expected to begin in the second half of 2025, with Challenger also completing a strategic placement of $6.6m to contribute to plant refurbishment and preparation for tolling operations.

Imricor Medical Systems (ASX:IMR)has expanded into the Middle East, receiving its first purchase order for capital equipment and consumables from Qatar. The company is partnering with East Agency WWL, the exclusive distributor of Imricor products in Qatar under a five-year agreement.

At Stockhead, we tell it like it is. While Dimerix, Astral Resources, Challenger Gold and Imricor Medical Systems are Stockhead advertisers, they did not sponsor this article.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Closing Bell: ASX stumbles, but Brainchip has mysteriously gained 68pc in five days